The financials group, which accounts for more than one-third of the TSX's weight, slipped as shares of some of the country's major banks declined. Toronto-Dominion Bank fell 0.6% to $73.96, while Bank of Nova Scotia was down 0.7% at $81.28.

Overall, this earnings season has been strong thus far. Of the S&P 500 companies that have reported as of Friday morning, 77% have reported-better-than-expected earnings while 79% have surpassed sales estimates

Wall Street also digested key U.S. economic data on Friday. The Commerce Department the U.S. economy grew by 2.6% during the fourth quarter of 2017. Economists expected a gain of 3%.

Meanwhile, U.S. durable goods orders rose 2.9% in December, according to the Commerce Department. Economists expected an increase of 0.8%.